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Beyond the volatility: is a near-term recession likely?

August has been a highly volatile period for the financial markets. Reignited trade tensions and recent yield-curve inversions have spooked investors, culminating in a 3% drop in the S&P 500 Index on Aug. 14, its worst day of the year. Ivy provides its perspective on these two market moving events.

Ivy Live/ 8.22.19

FAANG: In the government's crosshairs

The big four tech giants – Apple, Amazon, Facebook and Google – are facing antitrust investigations and scrutiny over data privacy. And surprisingly, the push is gaining bipartisan support. Is it just noise for the tech sector or a larger threat to investors?

Market Perspective/ 8.05.19

Fed cuts rates; where do we go from here?

The Fed announced a much-anticipated one-quarter-percentage-point cut to the federal funds rate. Following the decision, Fed Chairman Powell's press conference commentary was perceived as unexpectedly hawkish. While the market had a 'buy the rumor, sell the news’ reaction, but we believe underlying fundamentals should support continued growth during the rest of 2019.

Maximizing the Value of 529 Plans

Parents are preparing their kids to head back to school as the topic of affording college tuition looms large. Discover how you can help your clients with 529 plans.

Genlink

Attracting assets in motion

Over the next few decades, client assets currently held by Traditionalists and Baby Boomers will be controlled by Generation Xers and Millennials, reshaping the traditional financial advisor model. Discover how you can plan for each generation.

Genlink

Why advisors need to understand each generation

Navigating generational differences can be tricky, whether you’re speaking to a younger client or chatting with a long-time client that might be your parents’ age. Knowing each generation can lead to a growing and stable practice.

Ivy Investments

We stand for a legacy of expertise, focused on delivering strong, long-term results. Our name reflects our progressive product offerings and growing global presence as we continue to adapt to the needs of investors.

Mackenzie Investments Europe Limited, the Fund's subadvisor, has managed international small cap strategies since 2002. The portfolio management team has more than 60 years industry experience.

Morningstar Style Box

Value

Blend

Growth

Large

Medium

Small

Portfolio Management

Martin Fahey, CFA

— Mackenzie Investments Europe Limited

— 2 Years with Fund

— 31 Years in Industry

Martin Fahey brings 30 years of experience and a broad European and international scope to the investment decision making process and fund management at Mackenzie Investments Europe Limited (Mackenzie Europe). As Head of European Equities, Mr. Fahey is responsible for overseeing the investment process of all European mandates. He is the portfolio manager for Investors European Equity Fund, Investors European Mid-Cap Equity Fund, Investors International Small Cap Class and Ivy International Small Cap Fund. Prior to joining Mackenzie Europe in 1993, he held various investment management positions at AMP Asset Management and United Friendly Insurance. A native of Ireland, Mr. Fahey is a CFA® charterholder and has also successfully completed the International Investment Management Research exam. He earned his Bachelor of Commerce and Master of Business Studies (Honors) degree at University College Galway.

Bryan Mattei, CFA

— Mackenzie Investments Europe Limited

— 2 Years with Fund

— 13 Years in Industry

Bryan Mattei brings 12 years of experience in the investment management industry to Mackenzie Investments Europe Limited (Mackenzie Europe) and is located in Mackenzie Investments Asia Limited Hong Kong office. As portfolio manager, Mr. Mattei focuses on the Asian small cap sector with a particular emphasis on Japan. He is co-portfolio manager of Investors International Small Cap Fund and Ivy International Small Cap Fund, where he is focused on developed markets in Asia, and Investors Pan Asian Equity Fund. Prior to joining Mackenzie Europe in 2013, Mr. Mattei was Head of Research for Cantor Fitzgerald in Ireland. Before this he was equity fund manager in the Wealth Management division of IBRC in Dublin where he managed the Japan Equity Fund and the European Equity Fund. He was co-manager of both the Large Cap M&A and Long/Short Equity funds. Originally from the U.S., Mr. Mattei is a CFA® charterholder. He earned his BS magna cum laude from Boston College, Carroll School of Management and also studied business, economics and social sciences at the University of Dublin, Trinity College.

Seamus Kelly

— Mackenzie Investments Europe Limited

— 1 Years with Fund

— 21 Years in Industry

Seamus Kelly has over 19 years of investment management experience, managing equity and multi-asset portfolios. Mr. Kelly joined Mackenzie Investments Europe Limited (Mackenzie Europe) in 2014 and is located in the firm's Dublin office. Mr. Kelly is a portfolio manager on the International Small Cap team and also has co-portfolio management responsibilities for Investors European Equity Fund. As of January 2018, Mr. Kelly was named a co-portfolio manager to the Ivy International Small Cap Fund. He previously worked closely with the team providing market insight and research support. Prior to joining Mackenzie Europe, Mr. Kelly worked for Merrion Investment Management, as Senior Investment Manager with primary responsibility for Merrion's flagship Managed Fund, a global multi-asset fund. Mr. Kelly has a Bachelor of Business Studies, Economics & Finance degree from the University of Limerick, a Master of Science in Investment and Treasury degree from Dublin City University and a Diploma in Technical Analysis from the U.K. Society of Technical Analysts.

Growth of a $10,000 Investment
through 8/31/2019

Assumes an investment over 10 years or life
of the share class, reinvestment of dividends
and capital gains, and does not include the
effect of sales charges or taxes.

Fund Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance at NAV does not include the effect of sales charges, if it had, performance shown would be lower. For Class C shares, a 1% CDSC applies to the lesser of amount invested or redemption value of shares redeemed within twelve months after the purchase date.

Monthly Rates of Return
Average Annual Total Returns as of 8/31/2019

(Returns for periods of less than 1-yr are not annualized)

YTD

1YR

3YR

5YR

10YR

LIFE

Fund at NAV

9.48%

-9.30%

N/A

N/A

N/A

4.23%

Fund with maximum 1.00% CDSC

8.48%

-9.30%

N/A

N/A

N/A

4.23%

MSCI EAFE Small Cap NR USD

8.99%

-9.17%

5.99%

4.26%

7.68%

-

Morningstar Foreign Small/Mid Growth

12.77%

-8.23%

6.68%

4.22%

8.91%

-

Quarterly Rates of Return
Average Annual Total Returns as of 6/30/2019

(Returns for periods of less than 1-yr are not annualized)

YTD

1YR

3YR

5YR

10YR

LIFE

Fund at NAV

9.38%

-11.61%

N/A

N/A

N/A

4.49%

Fund with maximum 1.00% CDSC

8.38%

-11.61%

N/A

N/A

N/A

4.49%

MSCI EAFE Small Cap NR USD

12.54%

-6.35%

9.06%

4.40%

9.67%

-

Morningstar Foreign Small/Mid Growth

17.12%

-4.52%

9.50%

4.65%

10.59%

-

Calendar Year Return

Select Year Range

2018

Class C

-19.64

MSCI EAFE Small Cap NR USD

-17.89

Morningstar Ranking
through 8/31/2019

Category: Foreign Small/Mid Growth

Rank

Percentile

1 Year

81 /140

57

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar
Category based on average annual total return and number of Funds in that Category. The Morningstar
Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same
Category, where 1% = Best and 100% = Worst.

Expense Ratios
as of 1/31/2019

Net

2.22%

Gross

2.27%

Growth of a $10,000 Investment
through 8/31/2019

Assumes an investment over 10 years or life
of the share class, reinvestment of dividends
and capital gains, and does not include the
effect of sales charges or taxes.

Fund Distributions

Historical Prices
Inception 1/10/2017

Select Year & Month

Date

Price

Dividend Reinvest Date

Capital Gain Reinvest Date

Historical Distributions
Inception 1/10/2017

Select Year Range

Ex-date

Income

Capital Gains

Reinvest Gains

Payment Date

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this
fund's selected share class. NAV is the amount per share you would receive if you
sold shares that day.

12-Month Trailing Dist. Yield
as of 8/31/2019

NAV

0.38%

With Sales Charge

0.38%

Fund Documents

Top 10 Equity Holdings
as a % of net assets as
of 8/31/2019

Matsumotokiyoshi Holdings Co. Ltd.

Matsumotokiyoshi Holdings Co., Ltd. is a holding company established through reorganization of Matsumotokiyoshi. The Company operates a drug store chain, selling medicines, cosmetics, health foods, beauty care products, pets products, and household utensils in the Tokyo metropolitan area. The Company also operates supermarkets and home centers.

2.36%

Teleperformance SE

Teleperformance is a multinational company headquartered in France. The company specializes in outsourced omnichannel customer experience management.

2.32%

SCSK Corp.

SCSK Corporation provides a variety of IT services including system solutions, software development, and data center and communication network management. The Company sells packaged software and network equipment and develops software for distribution, manufacturing, and financial systems among others. SCSK handles infrastructure software as well.

2.23%

Rubis Group

Rubis is a France-based international company specializing in the storage, distribution and sale of petroleum, liquefied petroleum gas, food and chemical products.

2.10%

Logitech International S.A., Registered Shares

Logitech International S.A. is a Swiss-Italian provider of personal computer and mobile peripherals, with its headquarters in Lausanne, Switzerland and administrative headquarters in Newark, California.

2.06%

TechnoPro Holdings, Inc.

TechnoPro Holdings, Inc., engages in the provision of technician dispatch and contracting business related to machinery, electrical, electronic, embedded control, software development and maintenance, biochemistry, and construction management. The company was founded in 2006 and is headquartered in Tokyo, Japan.

2.06%

DISCO Corp.

DISCO Corporation is a Japanese precision tools maker, especially for the semiconductor production industry.

Future plc is a British media company founded in 1985. It publishes more than 50 magazines in fields such as video games, technology, films, music, photography, home and knowledge. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Additional Fund Literature

Financial Advisors may login to view fund's additional documents.

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Risk factors: The value of the Fund's shares will change, and you could lose money on your investment. International investing involves additional risks including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. Investing in small-cap stocks may carry more risk than investing in stocks of larger more well-established companies. The value of a security believed by the Fund's manager to be undervalued may never reach what the manager believes to be its full value, or such security's value may decrease. These and other risks are more fully described in the Fund's prospectus. Not all funds or fund classes may be offered at all broker/dealers.

The MSCI EAFE Small Cap Index is an equity index which captures small cap representation across developed markets and countries around the world, excluding the US and Canada. It is not possible to invest in an index.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2020, Ivy Investment Management Company (IICO), the Fund’s investment manager, Ivy Distributors, Inc. (IDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class A shares at 1.45%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board). Certain common expenses applicable to all share classes also may be waived to cap total annual ordinary fund operating expenses, which may serve to reduce the expense ratio of certain share classes.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2020, IICO, the Fund’s investment manager, IDI, the Fund’s distributor, and/or WISC, the Fund’s transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, if any) for the Fund’s Class I shares and Class N shares at 0.99%. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Fee Waiver and/or Expense Reimbursement: Through January 31, 2020, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board.

Effective Feb. 21, 2019, the name of the Fund changed from Ivy IG International Small Cap Fund to Ivy International Small Cap Fund.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

The financial products and services described in this website are offered only in the United States, Puerto Rico
and the U.S. Virgin Islands. Nothing in this website should be considered a solicitation to buy or an offer to sell such products
and services in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction.

IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS® are managed by Ivy Investment Management Company and are distributed by Ivy Distributors, Inc., InvestEd℠ Portfolios are managed by Ivy Investment Management Company and are distributed by Waddell & Reed, Inc. These financial products are offered by prospectus only. Waddell & Reed Financial, Inc. is the ultimate parent company of Ivy Distributors, Inc. and Waddell & Reed, Inc.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund or portfolio.
This and other important information is contained in the prospectus and summary prospectus, which may be obtained here or from a financial advisor.
Read it carefully before investing.

IVY INVESTMENTS℠ refers to the investment management and investment advisory services offered by Ivy Investment Management Company, the financial services offered by Ivy Distributors, Inc., a FINRA member broker dealer and the distributor of IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS®, and the financial services offered by their affiliates.